Bifurcation bill vetoed by Governor
In an unexpected development, Illinois Governor Bruce Rauner vetoed S.B. 65, the so-called “bifurcation bill” after it passed through the house and senate during the spring legislative session. The bill would have limited the selection of title insurance and settlement services and the splitting of title policies in any residential transaction. Many in our industry consider that bill to be an improvement upon the current situation.
Perhaps the state legislature will attempt to override the governor’s veto in the fall session, or revisit the whole issue next year.
Illinois Title Act changes in the offing?
A bill introduced by Illinois Rep. Jeanne Ives in late July would amend the Illinois Title Insurance Act to allow the Secretary of Financial and Professional Regulation to refuse, suspend or revoke the authority of attorneys to act as title agents in the same transaction wherein they represent a party to the transaction. It is quite unusual for a new bill to be introduced during a veto session of the legislature. We all need to keep a close eye on how this develops. You may consider contacting your representatives in the General Assembly to voice your position.
At the same time, the Illinois Land Title Association has begun an effort to formulate recommendations for updates to the Illinois Title Act.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This story first appeared in the fourth quarter 2018 edition of Assurance News from Prairie Title.
Download Assurance-4th Quarter-2018